The Complete Course on Inventory Management

Pay Attention Please ! The course location "Champs Elysees" is subject to availability . We may change the course location if there is no availability and we will let you know about the location changing directly if it changes. The exact course time will be clear before one week prior to course start date.

This course examines the renewed emphasis on running organizations leaner, effectively and efficiently. The renewed pressure to reduce cost as well as investment, while maintaining customer service levels is essential in world-class performance. Inventory Management is still one of the least understood practices in many companies and managers often fail to see the causal link between Inventory Management and good business results.

In addition, the mechanistic review of Min/Max reorder points will lead to disappointing results and in capital intensive companies, the value of spares in inventory often exceeds the value of all other inventory combined. Huge investments, excessive costs and low availability of stock often cause a knee-jerk reaction instead of adopting sound inventory management principles.

This course will feature:

Reduction in inventory investment

Improved customer satisfaction

Reduced cost of running the inventory management function

Understanding inventory categories in management

Management of Stock Keeping Units in terms of their priorities

Objectives

Understand the importance of inventory & the role it plays in the profitability of the company

Examine the most appropriate method for managing an item

Understand the value chain in inventory management

Apply best methods to optimise the investment in inventory

Examine the appropriate inventory management technique for each type of item

Content

Day One

Inventory in the Value Chain

The purpose of inventory in the value chain

Classification of inventory

Procedure for eliminating obsolete inventory

Pareto Law in identifying product Classification

Location of inventory

Using Economic Order Quantity on managing inventory order levels

Day Two

Demand Planning

Basic forecasting methods

Customer segmentation

Hierarchy of planning

Aggregate planning

Maintenance & Inventory planning meeting

Master Scheduling

Day Three

Forecasting

Principles of forecasting

Effect of lead time on the forecasting process

Quantitative forecasting

Qualitative forecasting

Tracking forecast accuracy

·Determining safety stock

Day Four

Inventory Recording

Period stock take

Cycle counting

Perpetual recording

Utilizing Bar-cades to manage inventory and movements

The use of Radio Frequency Identification (RFID) for recording inventory movement